PAMM from FxOpen - pros and cons
У FxOpen broker has many advantages. First of all, it is one of the most developed ECN systems on the market. Along with this, the trader gets high-quality and fast execution and low trading costs. Nevertheless, the system of PAMM-accounts lags behind the market leaders.
From a purely functional point of view, the service offers a large number of different indicators for analysis - both raw returns and smart efficiency ratios. The main thing that the service lacks is the choice of good managers. Otherwise, everything is standard enough, with a few ideas of its own.
Types of PAMM accounts
FxOpen provides two account types for traders - PAMM STP and PAMM ECN.
An ECN account offers several important advantages:
- CFDs on indices and commodities in addition to currency pairs.
- Ability to open an account in one of seven currencies: USD, AUD, CHF, EUR, GBP, JPY, RUB.
- The possibility of individual improvement of trading conditions for large trading turnovers, in particular, the reduction of trading commissions.
In turn, the STP account requires a smaller initial deposit - from $ 200, compared with 1,000 on the ECN.
Managers and Subscribers Rating
So, we open the rating, and what we see. In first place is the notorious hrenfx account, which at its peak showed more than a million percent profit. The problem is that it was closed more than two years ago and, in fact, has long been irrelevant. Also there are accounts with huge drawdown of equity hang in the top, which contradicts the definition of the rating as such, as there is no rating at all. It looks more like an arbitrary list of accounts without any sorting, other companies have been much more successful in this respect.
An interesting feature of the PAMM service from FxOpen is that, in addition to the top providers, the top subscribers, sorted by the highest profits, are also provided. It is interesting to see how different the real profits can be when investing at the beginning or on the rise.
The investor ranked fifth on this list invested just two weeks later than the second investor, and the gain is currently 2.5 times different.
PAMM monitoring page from FxOpen
The PAMM account monitoring page, on the other hand, is a nice exception of the FxOpen PAMM system. The main window displays:
- Graph of the total increase in %;
- Gain for the day;
- Account Equity;
- Equity in the form of a candlestick chart, with an accuracy of 1 minute;
- Schedule of profit distribution on active offers;
- Loading Deposit;
- Drawdown chart;
- Profit graph in the currency of the account;
- Net deposits and withdrawals from the account.
To invest, click "Join". After that, a page with open offers will open. Now it is enough to choose the appropriate one and replenish the investor's account.
A little below is an extended statistic on trades. By and large, this table is very similar to the standard MT4 report.
Available statistics for all instruments involved in trading.
With the manager's permission, investors will also be shown a full history of openings and closings.
The graph of the ratio of the deal result to its duration. As you can see, profitable trades on this account have a longer holding time, and unprofitable ones are almost always closed within a day.
The weekly returns graph can also be useful for evaluating the overall performance of an account.
Here you can find out which instruments trade the most, in which direction and at what risk. Everything is quite clear and understandable at a glance.
Conclusions
FXOpen PAMM account service seems to have everything necessary to become on par with the largest services currently available on the market. For traders, the service will be an excellent monitoring platform providing detailed performance statistics and automatic reporting. But for investors, without proper training it will be difficult to find a decent project. In part this is due to the almost complete absence of such, in part due to the underdeveloped rating system. Overall, if you know what you're looking for, FXOpen PAMM service is definitely worth a look.